St. Jude Medical, Inc. (NYSE:STJ) today announced that it has priced an offering to sell $900 million of senior notes due 2023 (the "2023 Notes") and $700 million of senior notes due 2043 (the "2043 Notes"). The 2023 Notes will bear interest at 3.25% per year and, unless previously redeemed, will mature on April 15, 2023. The 2043 Notes will bear interest at 4.75% per year and, unless previously redeemed, will mature on April 15, 2043.
The company intends to use the net proceeds to redeem in full its 3.75% senior notes due 2014 of which $700 million aggregate principal amount is outstanding and redeem in full its 4.875% senior notes due 2019 of which $500 million aggregate principal amount is outstanding and for general corporate purposes, which may include the repayment of short-term indebtedness.
BofA Merrill Lynch, Wells Fargo Securities and US Bancorp are acting as joint book-running managers for the offering. A shelf registration statement relating to the offering was filed with the U.S. Securities and Exchange Commission on March 21, 2013. This offering was made pursuant to a prospectus supplement to the company’s prospectus, dated March 21, 2013, filed as part of the company’s effective shelf registration statement relating to these securities.
Copies of the prospectus supplement and accompanying prospectus relating to these securities may be obtained by contacting St. Jude Medical, One St. Jude Medical Drive, St. Paul, Minnesota 55117, Attention: Investor Relations Department.This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities nor will there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction. About St. Jude Medical St. Jude Medical develops medical technology and services that focus on putting more control into the hands of those who treat cardiac, neurological and chronic pain patients worldwide. The company is dedicated to advancing the practice of medicine by reducing risk wherever possible and contributing to successful outcomes for every patient. St. Jude Medical is headquartered in St. Paul, Minn., and has four major focus areas that include cardiac rhythm management, atrial fibrillation, cardiovascular and neuromodulation. For more information, please visit sjm.com. Forward-Looking Statements This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. Such forward-looking statements include those regarding the Company's planned offering and the anticipated use of proceeds. The statements made by the Company are based upon management’s current expectations and are subject to certain risks and uncertainties. These risks and uncertainties include market conditions and other factors beyond the Company’s control and the risk factors and other cautionary statements described in the Company’s filings with the SEC, including those described in the Risk Factors and Cautionary Statements sections of the Company’s Annual Report on Form 10-K for the fiscal year ended December 29, 2012. The Company does not intend to update these statements and undertakes no duty to any person to provide any such update under any circumstance.
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